Wednesday, August 22, 2007

Update #4: Lottery Ticket Odds & $2 Savings Challenge

My $2 daily savings challenge has made me take a hard look at lottery tickets. As a small gift, I had promised to buy someone an instant lottery ticket. ($1) I honored that promise and briefly thought about buying a pair of tickets for myself. The odds of winning the top prize ($5,000) are roughly one in 2 million. (See below) So rather than scratch away my money, I put it in the bank.

Day Four Recap of the $2 Daily Savings Challenge
$2.58 daily portion of $500 telecommunications savings
$2.00 skipped the instant lotto tickets.

Day Four Savings: $4.58
Year-to-Date Total: $168.92

"Odds of Winning" for Hot Slots

$5,000.00 odds: 1-in-2,016,000
$500.00 odds: 1-in-60,000

$100.00 odds:1-in-5,000

$50.00 odds: 1-in-1,200

$25.00 odds: 1-in-300

$15.00 odds: 1-in-300

$10.00 odds: 1-in-150

$5.00 odds: 1-in-50
$2.00 1-in-30
$1.00 1-in-12
Free $1 Ticket 1-in-10

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